Market Trends of Italy Operations Service Consulting Industry
This section covers the major market trends shaping the Italy Operations Service Consulting Market according to our research experts:
Financial Service Sector to Hold Significant Share
- Due to the quick technological advancements affecting financial institutions, financial services companies will increasingly need to innovate, reduce operational risk, cut costs, increase customer loyalty, improve business performance, reduce operational risk, reduce costs, and create compelling value propositions for their clients.
- Improvements in technology and consumer behavior continue to propel the development of the payments sector in Italy. Financial services companies are quickly introducing operations consulting services to stay up with the changing payment landscape and seize the possibilities. This has ramifications for retail payments services, cash management, and payments technology.
- Global market vendors are customers for financial transformations, restructurings, turnarounds, and transactions in Italy because of the country's growing digitalization of financial services. For instance, the international consulting company FTI Consulting extended its corporate finance and restructuring service offerings in Italy in June 2022. Several market vendors operating in Italy are engaging in merger and collaboration operations to offer better services to their clients who want financial services.
- Furthermore, the COVID-19 pandemic has driven the banking sector in Italy to undergo significant digital transformation. For instance, the usage of digital channels has increased, along with changing customer preferences toward a one-stop shop with a single platform for obtaining all necessary financial services. Examples include digital payments, online insurance, online payments for online shopping, etc.
- Regional consulting companies like Parva Consulting, which provides consulting services in the financial sector, are attracting much interest from the banking, asset management, and insurance industries with their creative services. To improve customer experience and sales effectiveness in banking, the organization analyses distribution networks and redesigns operational procedures to free up commercial quality time.
- As per research by Acuris Global, JPMorgan was Italy's top financial advisory company for merger and acquisition (M&A) agreements in 2021. With a total deal value close to USD 97 billion, the company became the top advisor to M&A deals in the nation. Goldman Sachs & Co. is placed second in the leaderboard with a deal value of USD 91 billion.
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Surged Investment Trends in Emerging Technologies
- The Italian government is working hard to build up its start-up model and draw the rest of Europe's attention to it. Despite the unfavorable recent economic climate, the atmosphere is evolving to support entrepreneurs. Italy used to be known for having high taxes. Hence, many Italians would regularly leave the nation to start their enterprises in places with more freedom and flexibility. The government has been focusing on ending this cycle by increasing its support for innovation and technology and granting greater power to advance research and tech transfer.
- To boost the regional start-up ecosystem, the Italian government introduced a EUR 1 billion (USD 1.04 billion) investment program and established a new venture arm named CDP Venture Capital. This manages seven different funds, including an accelerator fund, a VC fund-of-funds, and "Series A/B matching" funds. It also launched two acceleration programs to provide SMEs and entrepreneurs mentorship, networking, and support services.
- The new National Transition Plan 4.0 serves as the foundation for the Italian Recovery Fund. About EUR 24 billion (USD 24.6 billion) is being invested in a structural change that strengthens all deduction rates and significantly increases usage. It aims to increase private investment and provide businesses with stability and predictability.
- One of the world's biggest and most comprehensive artificial intelligence doctorates, the National Doctorate in "Artificial Intelligence" was launched in Italy in 2021. Italian academics are participating in all key worldwide AI research networks, including the most prestigious EU networks, such as CLAIRE and ELLIS. It is also one of the founding members of the Global Partnership on Artificial Intelligence (GPAI).
- According to the Ministry of Economics Development, the number of business services start-ups in Italy for 1Q 2021 was 9,377. There were 2,138 new start-ups in the manufacturing activities, energy, and mining sector. Business services had the highest number of start-ups, in contrast to transportation and logistics, which had the lowest.
